# #168 - December crypto regulatory developments in review with Jonathan Schmalfeld

Page: https://stenobird.com/podcast/law-of-code-4138106/168-december-crypto-regulatory-developments-in-review-with-jonathan-schmalfeld
Text version: https://stenobird.com/podcast/law-of-code-4138106/168-december-crypto-regulatory-developments-in-review-with-jonathan-schmalfeld.md
Podcast: [Law of Code](https://stenobird.com/podcast/law-of-code-4138106)
Published: 2025-12-29T10:00:00+00:00
Episode link: https://podcasters.spotify.com/pod/show/lawofcode/episodes/168---December-crypto-regulatory-developments-in-review-with-Jonathan-Schmalfeld-e3cpjdg
Audio file: https://anchor.fm/s/5e2873d8/podcast/play/113085296/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2025-11-24%2F414963340-44100-2-dc8b9bed9e183.mp3
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JSON: https://stenobird.com/v1/public/podcasts/law-of-code-4138106/episodes/168-december-crypto-regulatory-developments-in-review-with-jonathan-schmalfeld
Duration seconds: 2627

## Resource

In this episode, Jacob Robinson and Jonathan Schmalfeld break down the biggest U.S. crypto law and policy developments of the month, from the SEC’s moves toward bringing public markets on-chain to major CFTC moves on derivatives, prediction markets, and collateral. The conversation also covers crypto tax proposals, DeFi governance disputes, banking access, privacy, quantum risk, and why regulators increasingly view crypto not as an exception, but as core financial infrastructure. Jonathan Schmalfeld is the Policy Director at The Digital Chamber and the author of the Off the Blockchain+ newsletter, where he analyzes crypto regulation, market structure, and emerging policy trends. Timestamps: ➡️ 1:03 — SEC market structure reforms and DTC no-action relief ➡️ 7:54 — CFTC allows crypto and tokenized treasuries as collateral ➡️ 8:45 — Prediction markets and state gambling laws ➡️ 13:23 — Crypto tax proposals: wash sales, staking, and airdrops ➡️ 16:03 — Aave, DAO governance, and token vs. equity conflicts ➡️ 21:48 — GENIUS Act implementation and stablecoin interest debates ➡️ 27:33 — The end of Operation Choke Point 2.0 and legislative fixes ➡️ 31:02 — DeFi liquidations, market manipulation, and public debate ➡️ 34:20 — Quantum computing risk and Bitcoin’s long-term resilience ➡️ 38:46 — Michael Selig confirmed as CFTC Chair Sponsor: This episode is brought to you by the Decentralization Research Center (DRC), a nonprofit think tank advocating for decentralization in emerging technologies. Learn more at thedrcenter.org . Resources: 📄 SEC’s No Action Letter to the DTC ✉️ CFTC Digital Assets Pilot Program Announcement 📓 Draft of the PARITY Act 📄 FDIC Notice of Proposed Rulemaking for Stablecoins ✉️ ⁠Jonathan’s Off the Blockchain+ Newsletter⁠ Disclaimer: This podcast is for in…

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